USD/JPY 85.47 - 19 August 2010

USD/JPY Open 85.45 High 85.81 Low 85.21 Close 85.43

After an insignificant drop, on Wednesday Dollar/Yen started increasing, in converse with the very negative Interbank sentiment at nearly -80%. The currency couple depreciated from 85.68 to 85.21 yesterday, from where it started recovering, closing the day at 85.43. Today climbing extended up to 85.81. On the 1 hour trading is within range, and on the 3 hour chart the downward channel has slowed down. Break above today's top and nearest resistance 85.81 would support further recovery of the Dollar. Immediate support is yesterday's bottom at 85.21, and consistent break bellow it could strengthen the Yen further down towards next target 84.00. Today was Japan All industry index, already passed at 4:30 GMT. Quotes are moving just bellow the 20 and in line with the 50 EMA on the 1 hour chart, indicating neutral market. The value of the RSI indicator is positive and declining, MACD is positive and consolidating, while CCI is about to cross down the 100 line on the 1 hour chart, giving overall light short signals.
Technical resistance levels: 85.81 86.67 87.72
Technical support levels: 85.21 84.00 83.17

Already made +25 pips profit on USD/JPY today from the following signal:
5:33 GMT+1 Buy USD/JPY at 85.67 SL 85.41 TP 86.17 exit sent at 7:19 GMT+1.
Total today +151, yesterday +119, as shown in details at http://www.zifx.com/performance.php.

USD/JPY